Electroneum is a UK-based cryptocurrency app that offers non-monetary remittances to Africa. The remittances are in form of electricity bill, airtime, and data top ups for loved ones in 10 African countries. Electricity and mobile top-ups are considered daily essentials. The app uses blockchain and ETN, a cryptocurrency designed for smartphone users.
The Central Bank of Nigeria has suspended international money transfers to mobile wallets in Nigeria. This is because of a new regulation that only allows US dollar payout for remittances in the country. The suspension will improve visibility of US dollar remittance flows.
African countries that you can send non-monetary transfers using Electroneum are Nigeria, South Africa, Mali, The Gambia, Senegal, Guinea-Bissau, Sierra Leone, Togo, Benin, and Ivory Coast. The platform plans on extending its service to other African countries.
Electroneum has thousands of users in over 40 countries worldwide. Nigerian users come in second after the United States with over 100,000 users while South Africa is twelfth with over 55,000 users. The services works with major electricity suppliers such as Nawec (The Gambia), Senelec (Senegal), Eskom (South Africa), and EDM (Mali).
Electricity and mobile phone top-ups are a great way for people living and working away from their home countries to help friends and families by sending them airtime and data or by refilling their electricity meters.
Electroneum promises to make it possible in the future for Africans in the diaspora to purchase food items and construction materials and have them delivered to their families back home.
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Non-monetary remittances enable you to help your loved ones back home with basic essentials at a low cost. In addition, beneficiaries save money and time because they don’t have to travel long distances. Besides, non-monetary transfers allow your beneficiaries to benefit from the actual intended value of your transfer.